Billion-dollar custody scoop for BNP Paribas

BNP Paribas Securities Services has added three new clients to its US custody platform increasing its assets held under custody by over $1 billion.

Swedish online brokerage and savings platform Avanza, Banco Investimento Global of Portugal and Norweigan online bank Netfonds have selected BNP Paribas for its broker to custody model.

The model sees BNP Paribas partner with KCG as broker who provide the order entry, order routing, monitoring and execution while BNP Paribas provides settlement and custody services.

The model is aimed at improving client experience with automated settlements, increased productivity and reducing the risk of failed settlements.

“By expanding the broker-to-custody model to the US, we are better positioned to be a global provider to our international bank and broker dealer clients,” said Bruno Campenon, head of BNP Paribas custody & clearing services, Americas.

“All three new clients have been very impressed with the simplicity and effectiveness of their first trades and we are looking forward to bringing on the additional clients we have in the pipeline.”